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題名 影響美國跨國企業及本土企業股利發放因素的探討
Determinants of Dividend Payments for US Multinational and Domestic Firms
作者 張津祐
Chang, Chin-Yu
貢獻者 張元晨
Chang, Yuan-Chen
張津祐
Chang, Chin-Yu
關鍵詞 跨國公司
股利發放率
國際風險
稅改
Multinational Firms
Dividend Payout Ratio
International Risk
Tax cuts
日期 2020
上傳時間 1-Jul-2020 13:39:27 (UTC+8)
摘要 本文以1996~2017年間美國上市公司為樣本，研究跨國企業及本土企業現金股利發放率(Dividend Payout Ratio)的差異，並探討跨國公司的特性是否影響公司股利發放以及2003~2004年布希政府稅改政策對公司股利發放的影響。
實證結果發現，美國跨國公司的現金股利發放率顯著低於本土公司，同時公司規模、獲利能力、現金流量、負債比率及產業多樣性是造成兩者股利發放差異之主要因素。2003年企業減稅使美國本土企業增加股利發放，跨國企業則較受惠於2004年租稅減免提高股利發放及股票回購，然而，長期而言企業傾向維持相同股利水準，顯示稅率調整對於企業發放股利的影響為短期的現象。
Using public companies in the US from 1996 to 2017, this thesis examines whether there is any difference in dividend payout ratio between multinational firms(MNCs) and domestic firms(DCs). I investigate what are determinants of dividend payments of these firms. The effects of Bush tax cuts in 2003 and 2004 are also explored.
The empirical results show that MNCs have significant lower dividend payments than DCs in America, I also find that firm characteristics variables such as size, profitability, cash flow, long term debt and industrial diversification affect companies’ dividend payouts. While DCs take good advantage of tax cuts in 2003; MNCs benefits more from tax cuts in 2004. However, dividend tax cut had only a short term impact of US corporation’s payout policy.
參考文獻 Adler, M., and Dumas, B., 1984. Exposure to currency risk: definition and measurement. Financial Management, 13, 41-50.
Aggarwal, R., Kyaw, N. N. A., 2010. Capital structure, dividend policy, and multinationality: Theory versus empirical evidence. International Review of Financial Analysis, 19 (2), 140-150.
Akhtar, S., 2018. Dividend payout determinants for Australian Multinational and Domestic Corporations. Accounting and Finance, 58, 11-55.
Alli, K. L., Khan, A. Q., and Ramirez, G. G., 1993. Determinants of Corporate Dividend Policy: A Factorial Analysis. The Financial Review, 28 (4), 523-547.
Amidu, M., and Abor, J., 2006. Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 7 (2), 136-145.
Baker, H. K., Dutta, S., and Saadi, S., 2008. Impact of financial and multinational operations on manager perceptions of dividends. Global Finance Journal, 19 (2), 171-186
Baker, H. K., Farrelly, G. E., and Edelman, R. B., 2007. A Survey of Management Views on Dividend Policy. Financial Management, 14 (3), 78-84.
Bartov, E., Bodnar, G. M., and Kaul, A., 1996. Exchange rate variability and the riskiness of U.S. Bretton woods. Journal of Financial Economics, 42, 106-132.
Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R., 2008. The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence. National Tax Journal, 61 (3), 381-396.
Cornell, B., and Shapiro, A. C., 1987. Corporate stakeholders and corporate finance. Financial Management, 16, 5-14.
Crutchley, C. E., and Hansen, R. S., 1989. A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends. Financial Management, 18 (4), 36-46.
DeAngelo, H., DeAngelo, L., and Stulz, R., 2006. Dividend policy and the earned/contributed capital mix: a test of the life cycle theory. Journal of Financial Economics, 81, 227-254.
Denis, D. J., Denis, D. K., and Yost, K., 2002. Global Diversification, Industrial Diversification, and Firm Value. The Journal of Finance, 57 (5), 1951-1979.
Desai, M. A., Foley, C. F., and Hines J. R., 2001. Repatriation Taxes and Dividend Distortions. National Tax Journal, 54 (4), 829-851.
Desai, M. A., Foley, C. F., and Hines J. R., 2007. Dividend Policy inside the Multinational Firm. Financial Management, 36 (1), 5-26.
Dinc, I. S., and Erel, I., 2013. Economic Nationalism in Mergers and Acquisitions. The Journal of Finance, 68, 2471-2514.
Dumas, B., and Solnik, B., 1995. The World Price of Foreign Exchange Risk. The Journal of Finance, 50 (2), 445-479.
Easterbrook, F., H., 1984. Two Agency-Cost Explanations of Dividends. The American Economic Review, 74 (4), 650-659.
Erel, I., Jang, Y., and Weisbach, M. S., 2020. The Corporate Finance of Multinational Firms. NBER Working Paper, No.26762.
Foley, C. F., Hartzell, J. C., Titman, S., and Twite, G., 2007. Why do firms hold so much cash? A taxed-based explanation. Journal of Financial Economics, 86, 579-607.
Gill, A., Biger, N., and Tibrewala, R., 2010. Determinants of Dividend Payout Ratios: Evidence from United States. The Open Business Journal, 3, 8-14.
Hasan, T. A., Hollander, S., Lent, L.van., and Tahoun, A., 2019. Firm-Level Political Risk: Measurement and Effects. The Quarterly Journal of Economics, 134 (4), 2135-2202. https://doi.org/10.1093/qje/qjz021 .
Hanlon, M., and Hoopes, J. L., 2014. What do firms do when dividend tax rates change? An examination of alternative payout responses. Journal of Financial Economics, 114 (1), 105-124.
Hoberg, G., 2016. Text-Based Network Industries and Endogenous Product Differentiation. Journal of Political Economy, 124 (5), 1423-1465.
Hoberg, G., and Moon, S., K., 2017. Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125 (2), 217-244.
Hoberg, G., and Phillips, G., 2010. Real and Financial Industry Booms and Busts. Journal of Finance, 65 (1), 45-86. http://hobergphillips.tuck.dartmouth.edu/industryconcen.htm .
Huang, T., Wu, F., Yu, J., and Zhang, B., 2015. Political risk and dividend policy: Evidence from international political crises, Journal of International Business Studies, 46, 574-595.
Jang, Y., 2017. International Corporate Diversification and Financial Flexibility. Review of Financial Studies, 30 (12), 4133-4178.
Jensen, M., C., 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American economic review, 76 (2), 323-329.
Jensen, M., C., and Meckling, W., H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3 (4), 305-360.
Jorion, P., 1990. The exchange-rate exposure of U.S. multinationals. Journal of Business, 63, 331-345.
Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46, 97-113.
Mahajan, A., 1990. Pricing expropriation risk. Financial Management, 19, 77-86.
Miller, M. H., and Modigliani, F., 1961. Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, 34 (4), 411-433.
Olusoga, S. A., 1993. Market Concentration versus Market Diversification and Internationalization: Implications for MNE Performance. International Marketing Review, 10 (2), 40-59.
Pantzalis, C., 2001. Does location matter? geographic scope and MNC market valuation, Journal of International Business Studies. 32, 133-155.
Rozeff, M., 1982. Growth, beta and agency costs as determinants dividend payout ratios. Journal of Financial Research, 5, 249-259.
Shapiro, A. C., 1990. Modern Corporate Finance, Macmillan Publishing Co.
Wright, F. W., Madura, J., and Wiant, K. J., 2002. The Differential Effects of Agency Costs on Multinational Corporations. Applied Financial Economics, 12 (5), 347-359.
描述 碩士
國立政治大學
財務管理學系
107357027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107357027
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuan-Chenen_US
dc.contributor.author (Authors) 張津祐zh_TW
dc.contributor.author (Authors) Chang, Chin-Yuen_US
dc.creator (作者) 張津祐zh_TW
dc.creator (作者) Chang, Chin-Yuen_US
dc.date (日期) 2020en_US
dc.date.accessioned 1-Jul-2020 13:39:27 (UTC+8)-
dc.date.available 1-Jul-2020 13:39:27 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2020 13:39:27 (UTC+8)-
dc.identifier (Other Identifiers) G0107357027en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130534-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 107357027zh_TW
dc.description.abstract (摘要) 本文以1996~2017年間美國上市公司為樣本，研究跨國企業及本土企業現金股利發放率(Dividend Payout Ratio)的差異，並探討跨國公司的特性是否影響公司股利發放以及2003~2004年布希政府稅改政策對公司股利發放的影響。
實證結果發現，美國跨國公司的現金股利發放率顯著低於本土公司，同時公司規模、獲利能力、現金流量、負債比率及產業多樣性是造成兩者股利發放差異之主要因素。2003年企業減稅使美國本土企業增加股利發放，跨國企業則較受惠於2004年租稅減免提高股利發放及股票回購，然而，長期而言企業傾向維持相同股利水準，顯示稅率調整對於企業發放股利的影響為短期的現象。		zh_TW
dc.description.abstract (摘要) Using public companies in the US from 1996 to 2017, this thesis examines whether there is any difference in dividend payout ratio between multinational firms(MNCs) and domestic firms(DCs). I investigate what are determinants of dividend payments of these firms. The effects of Bush tax cuts in 2003 and 2004 are also explored.
The empirical results show that MNCs have significant lower dividend payments than DCs in America, I also find that firm characteristics variables such as size, profitability, cash flow, long term debt and industrial diversification affect companies’ dividend payouts. While DCs take good advantage of tax cuts in 2003; MNCs benefits more from tax cuts in 2004. However, dividend tax cut had only a short term impact of US corporation’s payout policy.		en_US
dc.description.tableofcontents 第一章 緒論 6
第一節 研究背景及動機 6
第二節 研究架構 7
第二章 文獻回顧及假設建立 8
第一節 文獻回顧 8
第二節 假設建立 10
第三章 研究方法 11
第一節 樣本及資料來源 11
第二節 模型設計 16
第四章 實證結果 20
第一節 樣本敘述統計及t檢定 20
第二節 影響跨國企業與本土企業股利政策差異之因素 22
第三節 布希稅改對美國跨國企業股利發放的影響 33
第五章 研究結論、研究限制及後續建議 41
第一節 研究結論 41
第二節 研究限制及後續建議 43
參考文獻 44		zh_TW
dc.format.extent 1244740 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107357027en_US
dc.subject (關鍵詞) 跨國公司zh_TW
dc.subject (關鍵詞) 股利發放率zh_TW
dc.subject (關鍵詞) 國際風險zh_TW
dc.subject (關鍵詞) 稅改zh_TW
dc.subject (關鍵詞) Multinational Firmsen_US
dc.subject (關鍵詞) Dividend Payout Ratioen_US
dc.subject (關鍵詞) International Risken_US
dc.subject (關鍵詞) Tax cutsen_US
dc.title (題名) 影響美國跨國企業及本土企業股利發放因素的探討zh_TW
dc.title (題名) Determinants of Dividend Payments for US Multinational and Domestic Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Adler, M., and Dumas, B., 1984. Exposure to currency risk: definition and measurement. Financial Management, 13, 41-50.
Aggarwal, R., Kyaw, N. N. A., 2010. Capital structure, dividend policy, and multinationality: Theory versus empirical evidence. International Review of Financial Analysis, 19 (2), 140-150.
Akhtar, S., 2018. Dividend payout determinants for Australian Multinational and Domestic Corporations. Accounting and Finance, 58, 11-55.
Alli, K. L., Khan, A. Q., and Ramirez, G. G., 1993. Determinants of Corporate Dividend Policy: A Factorial Analysis. The Financial Review, 28 (4), 523-547.
Amidu, M., and Abor, J., 2006. Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 7 (2), 136-145.
Baker, H. K., Dutta, S., and Saadi, S., 2008. Impact of financial and multinational operations on manager perceptions of dividends. Global Finance Journal, 19 (2), 171-186
Baker, H. K., Farrelly, G. E., and Edelman, R. B., 2007. A Survey of Management Views on Dividend Policy. Financial Management, 14 (3), 78-84.
Bartov, E., Bodnar, G. M., and Kaul, A., 1996. Exchange rate variability and the riskiness of U.S. Bretton woods. Journal of Financial Economics, 42, 106-132.
Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R., 2008. The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence. National Tax Journal, 61 (3), 381-396.
Cornell, B., and Shapiro, A. C., 1987. Corporate stakeholders and corporate finance. Financial Management, 16, 5-14.
Crutchley, C. E., and Hansen, R. S., 1989. A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends. Financial Management, 18 (4), 36-46.
DeAngelo, H., DeAngelo, L., and Stulz, R., 2006. Dividend policy and the earned/contributed capital mix: a test of the life cycle theory. Journal of Financial Economics, 81, 227-254.
Denis, D. J., Denis, D. K., and Yost, K., 2002. Global Diversification, Industrial Diversification, and Firm Value. The Journal of Finance, 57 (5), 1951-1979.
Desai, M. A., Foley, C. F., and Hines J. R., 2001. Repatriation Taxes and Dividend Distortions. National Tax Journal, 54 (4), 829-851.
Desai, M. A., Foley, C. F., and Hines J. R., 2007. Dividend Policy inside the Multinational Firm. Financial Management, 36 (1), 5-26.
Dinc, I. S., and Erel, I., 2013. Economic Nationalism in Mergers and Acquisitions. The Journal of Finance, 68, 2471-2514.
Dumas, B., and Solnik, B., 1995. The World Price of Foreign Exchange Risk. The Journal of Finance, 50 (2), 445-479.
Easterbrook, F., H., 1984. Two Agency-Cost Explanations of Dividends. The American Economic Review, 74 (4), 650-659.
Erel, I., Jang, Y., and Weisbach, M. S., 2020. The Corporate Finance of Multinational Firms. NBER Working Paper, No.26762.
Foley, C. F., Hartzell, J. C., Titman, S., and Twite, G., 2007. Why do firms hold so much cash? A taxed-based explanation. Journal of Financial Economics, 86, 579-607.
Gill, A., Biger, N., and Tibrewala, R., 2010. Determinants of Dividend Payout Ratios: Evidence from United States. The Open Business Journal, 3, 8-14.
Hasan, T. A., Hollander, S., Lent, L.van., and Tahoun, A., 2019. Firm-Level Political Risk: Measurement and Effects. The Quarterly Journal of Economics, 134 (4), 2135-2202. https://doi.org/10.1093/qje/qjz021 .
Hanlon, M., and Hoopes, J. L., 2014. What do firms do when dividend tax rates change? An examination of alternative payout responses. Journal of Financial Economics, 114 (1), 105-124.
Hoberg, G., 2016. Text-Based Network Industries and Endogenous Product Differentiation. Journal of Political Economy, 124 (5), 1423-1465.
Hoberg, G., and Moon, S., K., 2017. Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125 (2), 217-244.
Hoberg, G., and Phillips, G., 2010. Real and Financial Industry Booms and Busts. Journal of Finance, 65 (1), 45-86. http://hobergphillips.tuck.dartmouth.edu/industryconcen.htm .
Huang, T., Wu, F., Yu, J., and Zhang, B., 2015. Political risk and dividend policy: Evidence from international political crises, Journal of International Business Studies, 46, 574-595.
Jang, Y., 2017. International Corporate Diversification and Financial Flexibility. Review of Financial Studies, 30 (12), 4133-4178.
Jensen, M., C., 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American economic review, 76 (2), 323-329.
Jensen, M., C., and Meckling, W., H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3 (4), 305-360.
Jorion, P., 1990. The exchange-rate exposure of U.S. multinationals. Journal of Business, 63, 331-345.
Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46, 97-113.
Mahajan, A., 1990. Pricing expropriation risk. Financial Management, 19, 77-86.
Miller, M. H., and Modigliani, F., 1961. Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, 34 (4), 411-433.
Olusoga, S. A., 1993. Market Concentration versus Market Diversification and Internationalization: Implications for MNE Performance. International Marketing Review, 10 (2), 40-59.
Pantzalis, C., 2001. Does location matter? geographic scope and MNC market valuation, Journal of International Business Studies. 32, 133-155.
Rozeff, M., 1982. Growth, beta and agency costs as determinants dividend payout ratios. Journal of Financial Research, 5, 249-259.
Shapiro, A. C., 1990. Modern Corporate Finance, Macmillan Publishing Co.
Wright, F. W., Madura, J., and Wiant, K. J., 2002. The Differential Effects of Agency Costs on Multinational Corporations. Applied Financial Economics, 12 (5), 347-359.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202000587en_US